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Joe Biden will be nominating Janet Yellen to the key economic position of Secretary of the Treasury.

Two cheers. Frankly, I would have preferred Elizabeth Warren, but Yellen is a good pick.

First and perhaps foremost, she’s not from Wall Street. The tendency in past administrations — both Democratic as well as Republican — was to appease (reassure?) Wall Street by giving it its own ambassador, typically the Treasury Secretary. This not only gave the Street inordinate power over economic…

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